THE Organized labour on Wednesday stormed out of the minimum wage committee meeting with the Federal Government over the later’s offer of N48,000 new wage.

Recall that the organized labour had made a demand of N615,000 as the new minimum wage and had given the government up till May 31 to conclude negotiations on new living wage.

The Tripartite Committee on New National Minimum Wage resumed negotiations on Wednesday.

Vanguard was reliably informed that representatives of the organized labour comprising the Nigeria Labour Congress, NLC and the Trade Union Congress of Nigeria, TUC, were enraged over the government offer.

Professor Theophilus Ndubuaku, who is one of the representatives of the NLC told Vanguard that, “we asked whether the N45,000 is for transport, food, clothing, housing or for what.

“So we just told them that since they are not serious, we better just leave, so we stormed out of the place.”

He said that the government offer was presented to them by the Permanent Secretary, Secretary to the Government of the Federation Office.

The Nigerian Senate has approved the $500 million World Bank loan request by President Bola Tinubu.

Naija News reports the loan is for the production of electricity meters for the citizens.

The Bureau of Public Enterprises (BPE) was granted the funds following a thorough review of the report by the Committee on local and foreign debts, which was presented by Senator Haruna Manu, who serves as the Vice Chairman of the Committee.

On November 1, 2023, President Bola Tinubu requested Senate approval for a $7.94 billion World Bank loan package, which included a $500 million loan.

The Federal Government will receive fresh loan funding from the World Bank, with approval expected for loans totalling $2.25bn on June 13, 2024.

Naija News recalls that the Minister of Finance, Wale Edun, at the spring meetings of the International Monetary Fund and the World Bank last month, had announced that the nation had qualified for processing a loan, described as ‘virtually a grant’ of $2.25bn from the World Bank at one per cent interest rate.

He stated, “We have qualified for the processing just this week to the Board of Directors of the World Bank of a total package of $2.25bn of what you can call ‘the closest you can get to a free lunch’- virtually a grant. It’s for about 10- 20 years moratorium and about one per cent interest.”

The package, approved by the World Bank Board of Directors, offers a 40-year term with a 10-year moratorium and a nominal one-percent interest rate.

According to the latest information on the World Bank website, the funding will be received via two major development projects.

The first project is the Nigeria Reforms for Economic Stabilization to Enable Transformation Development Policy Financing, which is set to receive $1.5bn.

The second project, NG Accelerating Resource Mobilization Reforms Programme-for-Results, has proposed funding of $750m.

Vice-President Kashim Shettima says President Bola Tinubu approved N90 billion to subsidise the cost of the 2024 hajj pilgrimage.

Shettima spoke on Wednesday during the 2024 inaugural hajj airlift at the Sir Ahmadu Bello International Airport in Birnin Kebbi, Kebbi capital.

About 430 pilgrims from the state are scheduled to depart for Saudi Arabia today.

“You may recall that this year, we had a major challenge in announcing the final hajj fare for the 2024 Muslim pilgrimage due to fluctuation in foreign exchange rates,” NAN quoted Shettima as saying.

“President Bola Tinubu also worked round the clock to control the downward spiral of our local currency to bring relief to our pilgrims and other Nigerians.

“A move that eventually succeeded in lowering the fare. The President approved the release of N90 billion to subsidise the cost of pilgrimage for this year’s hajj.”

The vice-president said Tinubu places great importance on religious pilgrimage, noting that it plays a crucial role in changing the social vices of individuals beyond the hajj exercise.

“Due to this high regard, the government took time to carefully select men of integrity with administrative acumen and records of selfless dedication to manage the affairs of the National Hajj Commission of Nigeria in the interest of Nigerian pilgrims,” he said

“Government at the highest level monitors all arrangements meant for the well-being of our pilgrims both in Saudi Arabia and within the country before embarking on the journey.

“We are aware of the provision put in place for the safety, security and comfort of the Nigerian contingent to the 2024 hajj of our pilgrims.”

Shettima urged Nigerian pilgrims to pray for the progress of Tinubu’s administration for a better country “we are proud to call our motherland”.

“Indeed, it is through our collective prayers and individual contributions that our country will prosper,” he added.

The naira depreciated to N1,550 against the dollar at the parallel section of the foreign exchange (FX) market on Wednesday.

The current FX rate signifies a decline of 1.95 percent from the N1,520/$ reported on May 13.

Currency traders, also known as street traders, in Lagos, quoted the buying rate of the local currency at N1,510/$ and the selling rate at N1,550/$ — leaving a profit margin of N40.

At the official window, the local currency appreciated by 4.21 percent against the dollar from N1,520.4/$ on May 14 to close at N1,459.02 on Wednesday.

According to FMDQ Exchange, a platform that oversees the official window, a dollar was sold as high as N1,593 and at a low rate of N1,401 during trading hours.

The daily foreign exchange market turnover was $289.14 million.

On May 14, the Economic and Financial Crimes Commission (EFCC) said foreign missions based in Nigeria use third parties to transact in foreign currencies.

Speaking during an interview, Wilson Uwujaren, EFCC’s acting director of public affairs, said the commission has a task force whose duty is to fight the abuse of the naira and discourage transactions in dollars within Nigeria — which is against the law.

The meeting called by the federal government on Wednesday to discuss the national minimum wage for workers ended abruptly as leaders of organised labour staged a walk-out.

Joe Ajaero, president of the Nigeria Labour Congress (NLC), and Tommy Okon, deputy president of the Trade Union Congress (TUC), represented the workers at the meeting.

Speaking on behalf of the labour at a press conference, Ajaero condemned the federal government’s proposed N48,000 wage.

He said the government was not serious about negotiating with the labour.

Ajaero said the government has until the end of the month to arrive at a decision.

“The government’s proposal of a paltry N48,000 as the minimum wage does not only insult the sensibilities of Nigerian workers but also falls significantly short of meeting our needs and aspirations,” he said.

The NLC and TUC had proposed N615,500 as the minimum wage the federal government should pay Nigerian workers, citing the high cost of living.

Ajaero said the government’s failure to provide data to support the N48,000 it offered exacerbates the situation.

He said the lack of transparency and good faith undermined the credibility of the negotiation process and eroded trust between the parties involved.

“The organised private sector proposed an initial offer of N54,000, though it is worth noting that even the least paid workers in the private sector receive N78,000, as clearly stated by the OPS, highlighting the stark disparity between the proposed and prevailing standards,” the NLC president said.

“This further demonstrates the unwillingness of employers and government to faithfully negotiate a fair national minimum wage for Workers in Nigeria.

“As representatives of Nigerian workers, we cannot in good conscience accept a wage proposal that would result in a reduction in income for federal-level workers who are already receiving N30,000 as mandated by law, augmented by Buhari’s 40% peculiar allowance and the N35,000 wage award, totalling N77,000 only.

“Such a regressive step would undermine the economic well-being of workers and their families and is unacceptable in a National minimum wage fixing process.”

The National Bureau of Statistics (NBS) says Nigeria’s inflation rate rose to 33.69 percent in April, as prices of food and non-alcoholic beverages soared.

The NBS shared the inflation data in its consumer price index (CPI) report on Wednesday.

“Looking at the movement, the April 2024 headline inflation rate showed an increase of 0.49% points when compared to the March 2024 headline inflation rate,” the NBS said.

“On a year-on-year basis, the headline inflation rate was 11.47% points higher compared to the rate recorded in April 2023, which was 22.22%.

“This shows that the headline inflation rate (year-on-year basis) increased in the month of April 2024 when compared to the same month in the preceding year (i.e., April 2023).

“Furthermore, on a month-on-month basis, the headline inflation rate in April 2024 was 2.29%, which was 0.73% lower than the rate recorded in March 2024 (3.02%).

“This means that in the month of April 2024, the rate of increase in the average price level is less than the rate of increase in the average price level in March 2024.”

NBS said the top five contributors to the increase in inflation rate are food and non-alcoholic beverages, housing, water, electricity, gas and other fuel, clothing and footwear, transport, as well as furnishings, household equipment and maintenance.

The bureau said on a year-on-year basis, the urban inflation rate rose to 36 percent in April, “which was 12.61% points higher compared to the 23.39% recorded in April 2023”.

“On a month-on-month basis, the Urban inflation rate was 2.67% in April 2024, this was 0.50% points lower compared to March 2024 (3.17%),” NBS said.

Also, NBS said the rural inflation rate in April was 31.64 percent on a year-on-year basis, compared to the 21.14 percent recorded in April 2023.

On a month-on-month basis, the bureau said the rural inflation rate in April was 1.92 percent, falling below the 2.87 percent reported in March.

PRICES OF BREAD, GARRI DRIVE FOOD INFLATION RATE UP

NBS said food inflation rose to 40.53 percent in April, compared to the 24.61 percent reported in the same month last year — indicating an increase of 15.92 percent points.

The bureau said millet flour, garri, bread, wheat flour prepacked, semovita, coconut oil, palm kernel oil, vegetable oil, yam tuber, water yam, and cocoyam, contributed to the year-on-year increase in the food inflation rate.

Other contributors are dried fish Sadine, catfish dried, mudfish dried, beef head, beef feet, liver, frozen
chicken, mongo, banana, grapefruit, Lipton tea, Bournvita, and Milo.

However, on a month-on-month basis, NBS said the “food inflation rate in April 2024 was 2.50%, which shows a 1.11% decrease compared to the rate recorded in March 2024 (3.62%)”.

NBS said the fall in food inflation on a month-on-month basis was caused by a decline in the rate of increase in the average prices of Yam, Water Yam, Irish Potatoes (under Potatoes, Yam & Other Tubers
Class), Beer, Local Beer (under Tobacco Class), Milo, Bournvita, Nescafe (under Coffee, Tea, and Coco Class), Groundnut Oil, Palm Oil (under Oil and Fats Class)”.

Other food items mentioned are egg, fresh milk, powered milk, tin milk, soft drinks, Malt Guinness, Coco-cola, Spirit (Local Production), Chelsea, Seaman Schnapps, wine and fruit, water melon, pineapple, banana, and pawpaw.

The Kano Hisbah Board has arrested 20 men and women for engaging in gender-inclusive bathing in the state.

Following complaints from locals, members of Operation Kau Da Badala conducted the arrest at a recreation centre on Ring Road.

According to Mujahidin Aminuddin Abubakar, the deputy commandant general of the board, the offence was against the Hisbah legislation, which prohibits bathing in water with people of either gender in the same space.

He expressed his concern about the act, saying that it could have been substituted with something better that would have brought them blessings from God.

In addition to urging parents and guardians to closely monitor their children’s whereabouts, he stated that the suspects would face appropriate punishment when the investigation is concluded.

Justin Dean has called out his ex-wife, Korra Obidi for scamming netizens with a GoFundMe account, after she claimed to be in need.

He revealed that she needs only $5000 not $55,000 she received.

This comes after Korra called on her online community members, seeking for their monetary support to provide her legal fees to fight Justin in court.

Her ex-husband had sued her for posting videos and images of their daughters on her social media page.

He stated that he did not want their faces online, especially associated with the kind of content she shares.

Korra then reached out to her fans who donated a whopping sum of $55,000 for her legal fees.

Justin insists that she scammed her followers of their hard earned money, revealing that she bought 2 cars and 2 houses over the last two years.

He also stated that if she truly couldn’t afford the fees, how was she able to go on a vacation in Hawaii if not with the donated money. 
A claim Korra Obidi debunked after her fans called her out, she stated that she had also paid for the vacation in Hawaii prior the GoFundMe account was set up. She added that the whole amount is still intact, because she hasn’t touched a dime from it.

The doctor further buttressed his claims by sharing a voice recording of the dancer’s sister where she was heard saying Korra had the money but needed a different one from her fans to fight against Justin.

The sister also said Korra’s fans love to be scammed. See video below:

Karimot, the sister of Wunmi, the wife of late Nigerian artist Mohbad, has publicly disowned both her sister and their mother, citing allegations of betrayal and deceit.

The announcement comes amidst a swirl of controversy surrounding the family following the passing of Mohbad.

Expressing her grievances, Karimot’s sister, whose identity remains undisclosed, unleashed a barrage of accusations against her sister, Wunmi.

Karimot publicly disowns sister Wunmi and their mother amidst allegations of betrayal
Wunmi.

She recounted her steadfast support during the tumultuous period surrounding Mohbad’s demise, only to feel betrayed by her sister’s alleged betrayal.

She expressed that she has disowned not only Wumi, but their mother as well.

She went on to reveal that she had stood by her sister’s side when the entire incident with Mohbad had happened, and yet she was stabbing her at the back.

The aggrieved sister further elaborated on Wunmi’s alleged manipulative tendencies, accusing her of exploiting relationships and callously discarding individuals once they had served their purpose.

“You are a user. You use people and throw them away when you are done with them,” she said.

Adding fuel to the fire, she hinted at exposing undisclosed grievances to the Nigerian public, promising to unveil the alleged mistreatment she endured.

“I will expose everything I have been enduring to Nigerians,” she added.

In other news, Omowunmi Aloba, the wife of the late Nigerian crooner Mohbad, has taken to social media a beautifully rare video of herself and their son, Liam Light.

The videoe captures her cradling little Liam as she pours her heart into a gospel song, creating a poignant moment for the camera.

The video caption triggered a buzz among netizens as she hinted at a future revelation, sharing her own side of the story.

The Managing Director and Chief Executive Officer, Nigerian Consumer Credit Corporation, Uzoma Nwagba, has said that over one million Nigerians have submitted applications for the consumer credit scheme three weeks after its takeoff.

The credit scheme is aimed at working citizens to access loans for important purchases.

According to Nwagba, since the unveiling of the first phase in April by President Bola Tinubu, the volume of applications received so far has been overwhelming.

“It has been overwhelming. We didn’t expect the volume of applications or expressions of interest when we put out an EoI just like a week after I was appointed.

“As of today, we have about 1.6 million Nigerians who indicated interest, told us what they do, submitted their income information, and what they need credit for. We didn’t even expect that volume.

“So I think people have been listening to the utterances of the President and are quite expectant of this,” Nwagba said during an interview on Channels Television’s Politics Today on Tuesday.

Speaking on his assignment, six weeks after his appointment, Nwagba said he was prepared to spearhead the current administration’s drive to broaden consumer credit availability for interested working Nigerians.

“It is our job and we are prepared to take a systematic approach to ensure that we continue to go through the demography of Nigeria,” he added.

According to a statement by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, at its launch, the scheme is expected to achieve its mandate through the following,

“Strengthening Nigeria’s credit reporting systems, ensuring every economically active citizen has a dependable credit score. This score becomes personal equity they build, facilitating access to consumer credit.

” Offering credit guarantees and wholesale lending to financial institutions dedicated to broadening consumer credit access today.

“Promoting responsible consumer credit as a pathway to an improved quality of life, fostering a cultural shift towards growth and financial responsibility.”